Price Analysis

Litecoin Leads the Way, up 2%, as Uptrend Remains Intact for All Top Cryptos

As Bitcoin sees a marginal over 1% tick up in price, Litecoin leads the market with a small nearly 2% increase in value.

How the Fab Five Fared

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone up 0.63% in aggregate. Out of the aforementioned five, Litecoin gave investors the best daily return; it was up 2%, which has its price now near $58.46 USD. In terms of the worst performer, that would be Ethereum, which reported a day-over-day return of -0.93% — a move that puts its price around $167.79 USD. Three of the coins had up days, which is a mixed sign for the crypto sector.

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Price Action to Watch

Yesterday was a fairly normal day for all of these cryptocurrencies, in the sense that they fluctuated within the normal daily range we have come to suspect them to move within. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • Seems like it might be for bullish trend traders, as all of the major cryptos are clearly trending upwards.

Insights from the Blockchains

Ethereum had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 53% more transactions recorded than Bitcoin, which was the runner up for the day in terms of transactions recorded. Ethereum’s transaction fee was also less than Bitcoin’s, suggesting transaction fees might be a key reason why users are preferring Ethereum. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $1,022,868,224 US dollars. The circulating value of all Bitcoins now comes in at approximately $155.2 billion US dollars — which means Bitcoin accounts for about 66.19% of the entire cryptocurrency market. To put that in perspective, we should note that over the past two weeks Bitcoin’s dominance percentage has been in a downtrend, falling between 65.77% to 68.83%.

Article by SixJupiter